High-Yield Opportunities in Global Airline Debt
“Assets that are comparable on a global scale but with significantly different risk profiles across the United States, Europe, and emerging markets: the airline sector is particularly well-suited for high-yield investors with a flexible geographic mandate, capable of identifying and capitalizing on relative value opportunities wherever they arise.” Jeremy Landau – Portfolio Manager & Senior […]
Uzbekistan – The New Silk Road: Gold, Reforms, and Opportunities
A frontier market driven by reforms, with improving fundamentals Since 2016, the country has been engaged in a sweeping reform program to overhaul its macroeconomic framework and governance standards. Since then, the economy has grown by an average of 5.8% per year, supported by strong domestic demand, steady investment flows, and increased integration into the […]
Colombia and Peru: Elections as Market Catalysts for Andean Credit
Overview Macroeconomic implications In Colombia, the main market concern remains fiscal trajectory. A high fiscal deficit and rising public debt led to a recent sovereign downgrade by rating agencies, increasing the country’s vulnerability to a deterioration in investor sentiment. In Peru, political uncertainty remains elevated, but the sovereign is anchored in a stronger macroeconomic framework, […]
Renewable Energy: The Rise of Emerging Markets
Beyond Conventional Wisdom Emerging markets carry a persistent reputation: that of economies dependent on a dirty energy mix, largely dominated by coal and hydrocarbons. Under this view, the energy transition is seen as a luxury for developed countries. Emerging economies would supposedly get there later, once their development cycle is complete. The facts tell a […]
Active Management Initiative
Hormuz: when geopolitics reshuffles the energy asset map
Energy: From Market Shock to the re-ranking of projects and capital Summary Hormuz is not merely a price shock: it is a supply security stress test. When geopolitical risk materializes, decision-makers think in terms of robustness, and this can re-rank projects and redistribute capex. Origin risk is likely to become durably embedded in investment decisions. […]
The “Donroe Doctrine”: towards a new cartography of Latin America?
Executive Summary Background Initially branded the “Trump Corollary,” the administration later adopted the term “Donroe Doctrine” coined by the press. Predicated on “America First” principles, Donroe seeks to prevent economic and political influence from other global powers—particularly China, Russia, and Iran. The policy leverages economic mechanisms to shape political outcomes, advance government and corporate interests, […]
Focus on Short Duration Bonds in Emerging Markets
Maximizing Carry while Minimizing Sensitivity to Rates and Spreads “In an environment where the credit spread curve has flattened, longer-maturity bonds no longer offer sufficient additional yield to compensate for their higher sensitivity to market movements.” Emma Otmani, CFA – Junior Portfolio Manager at IVO Capital Partners IVO Capital Partners’ View In the emerging market […]
Evolution of the Emerging Markets Trade Landscape
Evolution of the Emerging Markets Trade Landscape: The Rise of China and the Growth of South-South Trade Summary: Chart 1: Evolution of Emerging Markets Trade Flows Evolution of the Emerging Markets Trade Landscape Chart 2: Number of Countries Trading more with China than with the United States In 2000, the United States was the primary […]
Litigation financing, a strategic asset class
